Saturday, February 05, 2022

Unemployment Rate Increases 0.1% to 4.0% For January


The Labor Department released the unemployment numbers for January on Friday. It showed the economy produced a respectable 467,000 jobs in January. With a significant rise in the civilian work force of about 1,400,000, the unemployment rate showed a small rise -- from 3.9% in December to 4.0% in January.

Here are the relevant statistics for January:

SIZE OF CIVILIAN WORK FORCE:

163,687,000

OFFICIAL NUMBER OF UNEMPLOYED WORKERS:

6,513,000

OFFICIAL UNEMPLOYMENT RATE:

4.0%

DEMOGRAPHIC BREAKDOWN OF OFFICIAL UNEMPLOYMENT:

Adult men...............3.8%

Adult women...............3.6%

Teens (16-19)...............10.9%

White...............3.4%

Black...............6.9%

Asian...............3.6%

Hispanic...............4.9%

Less than HS diploma...............6.3%

HS graduate...............4.6%

Some college...............3.6%

Bachelor's deg. or more...............2.3%

NUMBER OF MARGINALLY-ATTACHED WORKERS (unemployed but not counted):

1,526,000

MORE REALISTIC NUMBER OF UNEMPLOYED (Official + marginally-attached):

8,039,000

MORE REALISTIC UNEMPLOYMENT RATE:

4.91%

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